World's Richest 1% Gained $40 Tn In A Decade: Oxfam

The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade, Oxfam says (Credit: AFP)

The world's richest one percent increased their fortunes by a total of $42 trillion over the past decade, Oxfam said Thursday, ahead of a G20 summit in Brazil where taxing the super-rich tops the agenda.

Despite this windfall, taxes on the rich had plummeted to "historic lows", the NGO added, warning of "obscene levels" of inequality with the rest of the world "left to scrap for crumbs".